Nest BlackOpal LiquidStone II Vault

Nest BlackOpal LiquidStone II Vault is the receipt token of a vault running on Nest, the Plume ecosystem's vault protocol focused on real-world yield. Tracked under the symbol NOPAL, the token represents the position created when stablecoins deposited in the vault are directed into the LiquidStone II fund of a manager called BlackOpal; in other words, it is a tokenized credit position.

The underlying fund invests in the credit card receivables of merchants in Brazil: merchants receive the proceeds of their sales in advance, and yield arises as the receivables are collected through card payment systems. The currency risk is stated to be hedged against the dollar. The vault also holds part of its assets in other strategies and DeFi protocols for liquidity management.

NOPAL is available on Plume, Ethereum and Solana. Because the product is exposed to credit and emerging market risk, the token price can differ from the value published by the vault. Lzzo.com shows DefiLlama's US dollar reference data for NOPAL; the information is for tracking purposes only.